Welcome to the Q3 edition of Maximizing What's in Your Wallet! The big news is that I have a new grocery card that I can't wait to tell you about.

As a reminder, this post is for all the credit card deadbeats out there looking to maximize cashback rewards. So, if you never carry a balance on your credit cards, have them set to auto-pay in full every month, and want to make the most of Q3 2011, then read on.

Groceries – Normally, I would be looking for a rotating rewards card to pay me 5% back for the quarter and buying lots of grocery gift cards at the 5% level to carry me through some of the dry quarters. No more. Say hello to my new Blue Cash PreferredSM Card from American Express which pays me 6% back on all grocery purchases. It also pays 3% on gas and 1% on everything else, but I'll only be using it at the grocery store. The downside to the card is the card carries a $75 annual fee. Normally, I would never accept that kind of fee since American Express has other cash back cards that don't have an annual fee, but when you do the math, it turns out to be the best option. I spend at least $7,200/yr at the grocery store. 6% of that is $432 cashback–> $432-$75 annual fee= $357 –> $357/$7,200 = 4.96% year round cashback. Oh, and my sign-up bonus if I spend $500 on the card in the first 60 days is $100. That's 20% + my 6% = 26% off of a month's worth of groceries! So I signed up. Props to the folks at Bogleheads for pointing it out to me.

Movies – Discover® More Card! has the market cornered this quarter as the only card offering 5% back.

Gifts – For gifts I use the Amazon VISA year round. When you buy through Amazon with the Amazon VISA you get 3% back and the first time you sign up, they give you $40 off your purchase. It's well worth the sign up. I am tempted to use my new Blue Cash PreferredSM Card from American Expressto buy Amazon gift cards at a grocery store for the 6% cashback. If I can be more planful about such purchases, I will probably do this.